Indians' Financial News, November 14, 2023 — Indian Tax Authorities May Fine Google, Amazon, and Apple ₹50 Billion

1. India’s 2022/23 edible soybean oil imports declined to 3.67 million tonnes, down from 4.17 million tonnes in the same period last year—trade bodies report that sunflower oil imports rose to 3 million tonnes in 2022/23, up from 1.94 million tonnes previously. 2. India’s Ministry of Coal unveiled an ambitious plan to significantly boost domestic coal production: targeting 1.404 billion tonnes by 2027 and 1.577 billion tonnes by 2030—marking a substantial increase over the current annual output level of approximately 1 billion tonnes. This initiative aligns with broader efforts to meet India’s growing energy demand and support sectors reliant on coal for power generation and industrial processes. 3. India’s coal imports in September rose 4.3% year-on-year to 20.61 million tonnes, compared with 19.75 million tonnes in September of the previous fiscal year. Of the total imports in September, non-coking coal imports stood at 13.89 million tonnes, up from 12.08 million tonnes in September last fiscal year; coking coal imports fell to 4.59 million tonnes from 4.88 million tonnes a year earlier. However, coal imports from April to September this fiscal year declined to 124.53 million tonnes, down from 135.68 million tonnes in the same period last year. 4. India’s retail inflation rate, as reported by the Ministry of Statistics and Programme Implementation on Monday, eased to 4.87% year-on-year in October. A Reuters poll of 53 economists had forecast 4.80%. Inflation remains above the Reserve Bank of India’s (RBI) 4% target midpoint. Prices softened in October due to falling vegetable prices, bringing the September inflation rate down to 5.02%, a three-month low—though still above the RBI’s 4% target. The RBI has held its key policy rate unchanged for four consecutive meetings and projects average inflation for FY 2023–24 at 5.4%, down from 6.7% in the prior fiscal year. Urban and rural inflation stood at 4.62% and 5.12%, respectively—below 6.50% and 6.98% a year earlier. Food prices—which account for roughly half the consumer price index basket—moderated after rising in July and August. The food CPI inflation rate was 6.61% in October, marginally down from 6.62% in September and 7.01% in October 2022. October’s inflation marked the second consecutive month below the RBI’s tolerance band of 2%–6%. 5. Bharat Petroleum Corporation Limited (BPCL) is expanding its fuel retail network, aiming to add 14,273 new fuel pumps—a near two-thirds increase—to strengthen its presence in India’s rapidly growing domestic fuel market. BPCL operates one-quarter of all petrol pumps nationwide and reported a record half-year profit of ₹190.52 billion for April–September. Rising demand for petrol and diesel—driven by new vehicle sales and economic growth—is spurring this expansion. Diesel and petrol consumption across India rose 6% each during the current fiscal year. 6. Government e-Marketplace (GeM), the Indian federal government’s online portal for procurement, has facilitated over ₹2 trillion worth of goods and services purchases so far this fiscal year, driven by increased procurement activity across various ministries. Launched on August 9, 2016, GeM enables central government departments to procure goods and services electronically. 7. Morgan Stanley forecasts that calm in India’s $3.7-trillion stock market will be disrupted ahead of general elections scheduled for around six months from now. While the Wall Street bank expects the market to rise before voting—as seen in recent history—any outcome exceeding investor expectations could trigger a 30% plunge in Indian indices. Year-to-date, India’s equity markets have risen ~7%, outperforming peers in Asia and emerging markets, buoyed by strong corporate earnings and economic growth attracting both domestic and global investors. The India VIX—the gauge of expected stock price volatility—has fallen 25% year-to-date, nearing historic lows. 8. India’s Ministry of Commerce will pilot a new electronic Bank Realisation Certificate (e-BRC) system on November 15, enabling exporters to self-certify receipt of foreign payments for exported goods or services—enhancing trade facilitation. The e-BRC, issued by banks, serves as official proof that exporters have received payment from overseas buyers and is essential for export-related customs and regulatory compliance. 9. GAIL (India) Limited—the country’s largest natural gas company—has successfully executed the world’s first ship-to-ship liquefied natural gas (LNG) transfer, aimed at cutting transportation costs and emissions. Company officials described such innovation as central to advancing business operations. GAIL has contracted 5.8 million tonnes of LNG annually from the U.S., shipped via LNG carriers traveling approximately 19,554 nautical miles to India. 10. Despite a 23% surge in automobile sales last year—reaching 3.79 million units against a high base—automakers project sales of cars, SUVs, and commercial vehicles to reach 4.10–4.17 million units this year, representing a 0–6% growth over last year and an 8–10% upward revision versus earlier estimates. Stronger-than-expected demand for premium SUVs is cited as a key driver. 11. Ashok Leyland stated that India’s commercial vehicle (CV) market may hit a new peak by the end of FY 2023–24 and continue rapid growth into the next fiscal year, fueled by robust demand from construction, mining, and other sectors—potentially breaking the traditional cyclical pattern of CV demand. Following a multi-year low in FY 2020–21 amid pandemic disruptions, the CV market has rebounded strongly, surpassing the FY 2017–18 peak with 962,000 units sold in FY 2022–23—up from 856,000 units in FY 2017–18, per data from the Society of Indian Automobile Manufacturers (SIAM). 12. A senior official said the Indian government plans to triple millet procurement under the Public Distribution System (PDS) this fiscal year—from 0.73 lakh tonnes in FY 2022–23 to 20 lakh tonnes—to partially replace wheat and rice. Procurement at Minimum Support Prices (MSP) would encourage eco-friendly, climate-resilient, and nutrition-rich coarse grain cultivation, playing a vital role in crop diversification and improving dietary nutrition. 13. India’s Ministry of Finance announced on Friday that the Asian Development Bank (ADB) will provide a $400-million ‘policy loan’ to support India’s urban reform agenda—aimed at building high-quality urban infrastructure, improving service delivery, and strengthening governance. The agreement was signed last Friday between Joint Secretary Mukherjee of the Ministry of Finance and Tatsuo Konishi, Country Director of ADB’s India Resident Mission, under the ‘Sub-programme 2: Sustainable Urban Development and Service Delivery’. 14. According to sources, India is preparing to invite bids for an ₹80-billion ($960-million) incentive scheme to boost electric vehicle (EV) battery manufacturing. The scheme will require successful bidders to establish advanced chemistry battery plants with a combined capacity of 20 gigawatt-hours (GWh). As the initiative is private-sector-led, the source declined to be named but added that the government will seek expressions of interest from potential investors next month.

Indians' Financial News, July 27, 2023 — India Remains Open to Chinese Investment, Says Indian Official

1. The Central Bureau of Investigation (CBI) does not maintain state-wise data on crimes committed by government officials, according to India’s Ministry of Personnel, Public Grievances and Pensions. However, the CBI registered 2,034 cases against public servants—including government and police officials—during the past three years (2020–2022). 2. A Delhi court summoned Congress leader Jagdish Tytler on August 5, charging him with murder in connection with the killing of Pul Bangash during the 1984 anti-Sikh riots. 3. Retail prices of refined sunflower oil, refined soybean oil, and refined palm oil fell by 29%, 19%, and 25%, respectively, over the past year—attributed to measures taken by the Indian federal government and declining global prices. 4. India’s government announced on Wednesday that the Reserve Bank of India (RBI) has permitted 20 banks operating in India to open 92 Special Rupee Vostro Accounts (SRVAs) for correspondent banks from 22 countries—part of efforts to promote bilateral trade in local currencies. An MoU between the RBI and the Central Bank of the UAE was signed on July 15, enabling exporters and importers to invoice and settle payments in their respective domestic currencies—thereby fostering bilateral foreign exchange markets. 5. As part of ongoing free trade agreement negotiations with the European Union, India has begun formulating an action plan on the import of remanufactured products—including automobiles, electronics, and plastics. Brussels insists such products be treated equivalently to new ones and qualify for tariff concessions, whereas New Delhi fears they could lead to dumping of e-waste and harm domestic manufacturing. 6. India’s petroleum marketing companies are projected to achieve a record pre-tax profit of at least ₹1 trillion in FY 2023–24. A report noted that operating profits may rebound to ₹1 trillion this fiscal year—triple the ₹330 billion recorded in the previous fiscal year and double the ₹600 billion average from FY 2017–18 to FY 2021–22. 7. India’s government stated on Wednesday that telecom equipment valued at ₹69.1 billion has been exported by selected companies under the Production-Linked Incentive (PLI) Scheme for Telecom and Networking Products as of May 31, 2023. Launched on February 24, 2021, the scheme aims to boost domestic manufacturing of specific telecom and networking products—including 4G and 5G equipment—and promote design-led indigenous production. Additionally, the minister noted that India has designed and developed its own 4G/5G technology stack, already deployed at state-owned BSNL. 8. To foster a robust R&D ecosystem and position India as a global manufacturing hub, the government has launched multiple initiatives—including the PLI Scheme, the Telecom Technology Development Fund (TTDF) Scheme, and the Digital Communication Innovation Square under the Champion Services Sector Scheme. 9. To improve ease of doing business, India’s Department of Telecommunications has allowed telecom operators to transfer or redeploy wireless equipment from one service area to another simply by notifying the Wireless Planning and Coordination (WPC) Wing—eliminating the need for formal approval. 10. GAIL’s Chairman stated the company plans to procure 7–8 million tonnes of long-term LNG annually from diverse sources, reflecting its strong bet on domestic gas demand and ambition to play a leading role in India’s transition to a gas-based economy. Though international LNG prices have fallen sharply from 2022 peaks, they remain unaffordable for many Indian customers—especially power plants—though domestic demand is expected to rebound once prices fall further. 11. The Directorate General of Goods and Services Tax Intelligence (DGGI) dismantled a syndicate of ‘fake GST bill operators’ who ran a fraudulent enterprise helping firms—particularly in metals and scrap industries—claim input tax credit fraudulently. DGGI investigations revealed around 160 companies used forged documents promising recipients government COVID-19 relief or job opportunities to obtain GST registration and claim illegitimate credits. 12. Bharat Heavy Electricals Limited (BHEL), India’s state-owned engineering company, announced on Wednesday that Unit 2 (660 MW) of the 1,320-MW Maitree Super Thermal Power Project synchronized with Bangladesh’s national grid. Grid synchronization refers to connecting a thermal power plant to the main transmission network under specified technical parameters to commence electricity supply. 13. Mangalore Refinery and Petrochemicals Limited (MRPL)—a mini-Ratna CPSE PSU refinery located on Karnataka’s coast and a subsidiary of ONGC—announced in a press release issued here on Wednesday that it became India’s largest single-location PSU refinery in FY 2022–23. MRPL achieved this milestone by processing 17.14 million tonnes of crude oil during the fiscal year.

India's GAIL posts quarterly profit jump on growth in gas marketing business

22 hours ago

State-owned gas distributor GAIL (India) reported a more-than-twofold jump in quarterly net profit to 46.5 billion rupees driven by strong natural gas marketing growth. Additionally, the company granted in-principle approval for an IPO of its subsidiary GAIL Gas.

reuters

2026-10-30

India's GAIL posts quarterly profit jump on growth in gas marketing business

India's GAIL posts quarterly profit jump on growth in gas marketing business

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